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Mathematics

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2. An account is opened with $28000 earning12% interest compounded yearly. What is thebalance in the account after 4 years?

Answer :

ELISHAJ488943GO ELISHAJ488943GO

The principal is $28000 with rate 12% compounded yearly .

To determine the balance after 4 years,

[tex]SI=\frac{P\times R\times T}{100}[/tex][tex]SI=\frac{28000\times12\times4}{100}[/tex][tex]SI=13440[/tex]

The balance in the account after 4 years is the sum of principal and simple interest.

[tex]A=\text{ 28000}+13440[/tex][tex]A=41440[/tex]

Thus, the balance in the account after 4 years is 41440 dollar.

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